Regulatory Alerts2024-09-06 | TED/FEM/PUB/FPC/001/026Sales of Foreign Exchange to BDCs to meet Retail Market Demand for Eligible Invisible Transactions
The Central Bank of Nigeria is increasing foreign exchange liquidity in the market by offering to sell $20,000 USD to eligible Bureau De Change Operators at a set rate, with the aim of meeting demand for invisible transactions. BDCs are allowed to sell to end-users at a rate not exceeding 1% above the purchase rate from the CBN, and must submit payment confirmation and documentation to designated CBN branches for disbursement.
RAL BANK OF NIGERIA tral Business District P.M.B. 0187, Garki, Abuja, FCT TRADE AND EXCHANGE DEPARTMENT 09 46237831 09 46237804 E-mail address: ted@cbn.gov.ng TED/FEM/PUB/FPC/001/026 September 6, 2024 TO: ALL BUREAU DE CHANGE OPERATORS AND THE GENERAL PUBLIC SALES OF FOREIGN EXCHANGE TO BDCs TO MEET RETAIL MARKET DEMAND FOR ELIGIBLE INVISIBLE TRANSACTIONS This is to inform the Bureau De Change (BDC) Operators and the general public that we are providing more liquidity into the market.
To this end, the CBN has approved the sale of US$20,000.00 to each eligible BDC at the rate of N1,580/$. This is to meet the demand for invisible transactions.
All BDCs are allowed to sell to eligible end-users at a margin NOT MORE THAN one percent (1%) above the purchase rate from CBN.
Eligible BDCs interested in this transaction are directed to make the Naira payment to the CBN Deposit Account Numbers with them. Also, payment confirmation and all necessary documentation for disbursement are to be submitted at the appropriate CBN Branches - (ABUJA, AWKA, KANO and LAGOS) for collection of the US$20,000.00. Please be guided accordingly.
DIRECTOR TRADE & EXCHANGE DEPARTMENT